News Digest 3721

Hagemeyer and Rexel have entered exclusive negotiations aimed at finalizing an agreement under which Rexel would make an all-cash offer of & euro; 4.85 per share, approximately & euro; 3.1 billion in total, or US$4.5 billion. Under the agreement, Hagemeyer's Management and Supervisory Boards would recommend Hagemeyer accept this offer. The offer is up from Rexel's original bid of & euro; 4.60, which had valued the company at US$4.3 billion Rexel's agreement with Sonepar will stand to sell Sonepar the American, Asian-Pacific and select European activities of Hagemeyer. More

3M,St. Paul, MN , has acquired Standard Abrasives, a manufacturer of coated abrasive specialties and non-woven abrasive products for the metalworking industry. Standard Abrasives employs 375 people and is headquartered inSimi Valley , CA. 3M has also agreed to acquire Bondo Corp., a manufacturer of auto body repair products for the automotive aftermarket and various other professional and consumer applications. More

Wolseley plc, the UK-based global distributor of plumbing and heating products to professional contractors and a supplier of building materials, announced five bolt-on acquisitions for an aggregate of 84 million poundsSterling (US$174 million). In a full year, these bolt-on acquisitions are expected to add 109 million pounds (US$226 million) to total revenue. More

Wolseley subsidiary Stock Building Supply has purchased three companies in commercial and industrial markets in the U.S., and HVAC and plumbing distributor Ferguson has acquired one in southwestColorado. More

After closing down earlier this month, the largest independent wood flooring distributor in the U.S. at more than $600 million in sales, Hoboken Wood Flooring LLC,Wayne, NJ , has filed a voluntary petition for Chapter 7 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware. According to a report from local paper The Record, sales had fallen about 25% each month for the past year. More

Womack Machine Supply Company, Dallas, TX, has acquired Salt Lake City, UT-based Interstate Hydraulics, Inc. Interstate Hydraulics distributes many of the same product lines as Womack and operates a hydraulic repair center inSalt Lake City . The addition of IHI allows Womack Machine Supply to expand its distribution and service of fluid power and automation products into Utah, Arizona, Nevada and most of Idaho.More